As a seasoned crypto investor with a knack for deciphering market trends and a keen eye for political undercurrents, I find myself intrigued by this peculiar correlation between Bitcoin’s price action and Donald Trump’s election odds. Having navigated through several bull and bear markets, I have learned to read between the lines of market reports and news headlines.
It seems that as the chances of Donald Trump winning the U.S. presidency appear stronger, more people involved in the cryptocurrency market are choosing to invest more in Bitcoin (BTC), according to crypto experts’ observations.
As a crypto investor, I’ve noticed an intriguing trend: Some analysts suggest a potential link between the fluctuations of Bitcoin’s price and the chances of Donald Trump being re-elected. This observation was made by Bitfinex analysts in their October 21 market report, which I had a chance to review.
As a crypto investor, I find myself feeling quite optimistic about Bitcoin’s potential performance, as per the insights shared by David Lawant, Head of Research at FalconX, in his interview with Bloomberg on October 22. He believes that Bitcoin is likely to perform well, regardless of the election outcome.
According to the report, data from crypto exchange Deribit reveals that the Bitcoin Open Interest (OI) for contracts set to expire in late November is mostly focused on the price point of approximately $80,000.
Bitcoin rally to $69K possibly driven by Trump victory odds
Following the latest report by CryptoMoon, prediction platforms like Kalshi and Polymarket are now indicating a growing support for Trump’s victory. His chances of winning have risen to approximately 60% as per these platforms.
The analysts stated that risky investments are now reflecting the potential outcomes and uncertainties of the upcoming U.S. elections, along with the specific investment options linked to each candidate’s probability of victory.
Additionally, they noted that the rise of Bitcoin beyond $69,000 on October 21 might also stem from speculations surrounding a possible Trump win.
As of its release, Bitcoin is being exchanged for approximately $68,152, and crypto expert Axel Adler stated that nearly the entire Bitcoin stockpile is currently yielding a profit.
“94% of the Bitcoin supply is in profit, with the majority of coins having been purchased at the $55K level.”
Currently, the market is paying attention not just to Trump’s optimistic views towards assets, but also closely monitoring any potential changes in laws or regulations he might propose, as these could significantly influence the cryptocurrency market.
“This connection has intensified since Donald Trump has made public statements regarding potential reforms within the SEC and the broader outlook for the crypto market, including taxation policies that would impact crypto participants.”
It’s been observed that Bitcoin tends to align with the probability of a Republican victory, demonstrating a persistent relationship. On the other hand, equity markets have displayed fluctuating trends, reflecting uncertain investment patterns as the race between Republican and Democratic candidates remains tight.
As a researcher delving into this topic, I’ve recently noticed some interesting developments following the launch of the World Liberty Financial (WLFI) token by none other than Trump on October 16th. Regrettably, the performance did not meet the anticipated expectations.
On the initial trading day, my crypto investment only managed to secure approximately $12.7 million in sales, meaning there were still around $287 million worth of tokens left untouched.
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2024-10-22 21:38